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Updated 14 days ago on . Most recent reply
Profit split and structure
Needing advice on how to split profit or percentage on a house flip. I put up all cash for a foreclosed home, everything in my name and I paid a little more than half the repairs. My BFF is a realtor and found the house, but was a silent partner and paid half the repairs and materials, I like I said used all cash out of my inherited Ira, and stocks to pay for the house, hence took all the risk. I'm engaged to her brother whom did most of the work on rehabbing it, but all in all we were all there doing work. In 5 months time we flipped it and sold it for almost double than what was paid. We thought this would be fun as it was our first time. It caused so many fights during the rehab. We did not have anything written out in contracts and no LLC. We close this week and the check comes to me in my name. Everything I paid for the house will come off the top and I plan to reinvest it back into stock that I took out or another property. I have an appt with a lawyer because I don't know how to go about the rest of the split of the profits and whom should get what? I really need some advice on this as well as what to expect for capital gains or a 1031 and what not